- SingPost (SGX:S08)'s 1QFY26 revenue fell 23.8% y-o-y to S$162.3m and operating profit sank 60% y-o-y to S$3.4m on lower volumes and intense competition.
- Management said a decision on the sale of SingPost Centre will need to wait for its new strategy. A new CEO is also currently being sourced.
Downgrade To HOLD with lower target price
- - Read this at SGinvestors.io -
- We cut FY26/27E earnings by 36% and 35%, respectively, and downgrade SingPost to HOLD as near-term earnings are unable to justify its current valuations and it lacks immediate catalysts, in our view.
New board reset and new strategy
- - Read this at SGinvestors.io -
- It is also looking for a new CEO who will then be involved in charting the new strategy. We believe this will likely take at least 3-6 months.
Monetisation phase likely over
- Read more at SGinvestors.io.
